In total, the group saw an organic sales decline of 5.9%, outpaced slightly by a 7.5% decline in organic profits from recurring operations.

The Americas led the decline with a 12% drop across the region, driven by a 15% fall in sales in the US.

The group attributes the performance to the US “spirits market conditions remaining soft” and some adjustments in inventory.

Individual markets across the Asia-RoW region showed promise with India, Türkiye, South Africa and Japan all posting solid to strong growth. Those positive results were not enough to prevent the region from declines of 4% due to continued struggles in China.

A tightened regulatory environment in China and poor performances from Martell and Chivas resulted in declines of 28% in a market that had shown huge potential a few years ago.

“Our balanced geographical footprint, diversified portfolio and highly engaged teams put us in a unique position to navigate a contrasted environment and seize opportunities,” said chairman and chief executive officer Alexandre Ricard. “We remain fully committed to adapting with agility and executing with discipline to meet evolving consumer needs and capture growth.

“I remain confident in the attractive fundamentals of our industry, Pernod Ricard’s strategy and the resilience of our operating model to deliver sustainable value over time.”